Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/154463
Authors: 
Backé, Peter
Thimann, Christian
Arratibel, Olga
Calvo-Gonzalez, Oscar
Mehl, Arnaud
Nerlich, Carolin
Year of Publication: 
2004
Series/Report no.: 
ECB Occasional Paper 10
Abstract: 
This paper reviews the strategies announced by the ten countries joining the European Union in May 2004 with regard to their intentions for participation in ERM II and the adoption of the euro. The paper examines the economic rationale of the monetary integration strategies declared by most acceding countries with a view to identifying also their potential risks. It does so by making use of several different approaches, including a short review of nominal convergence and a more extensive discussion from an optimum currency area perspective. An important part of the analysis is devoted to the implications of real convergence – i.e. catching-up growth in income and adjustment of the real economic structures towards those prevailing in the euro area – on the patterns of economic dynamics in acceding countries. Other aspects covered are the risks for external competitiveness in the convergence process and the appropriate pace of fiscal consolidation.
Document Type: 
Research Report

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